Delivering innovative capital solutions for borrowers
280-unit
multifamily community in the Denver area
$64.19 million
through a creative refinancing deal
>55% of the units
qualify toward goal of 80% AMI
One loan
for the life of the project
Repeat borrower secures attractive long-term financing
Fannie Mae understands market realities — and that deals don’t always wait for perfect occupancy stats. That’s why when DUS® lender CBRE structured a $64.19 million refinancing for The Parallel, a 280-unit multifamily community in Wheat Ridge, CO (Denver MSA), they partnered with Fannie Mae to structure the right financing solution for their borrower. We were able to provide greater lease-up flexibility on this Near Stabilization deal due to this borrower's proven ability to lease-up properties from prior Near Stabilization transactions.
One-and-done financing with green benefits
Near Stabilization provided the borrower with stable financing. The property received a Green Globes Multifamily for New Construction certificate, bringing an energy-efficient property to the community, with 58.6% of the units currently qualifying as affordable to 80% of area median income (AMI).
Creativity powers a commitment to affordable housing
Because we were able to offer lease-up flexibility on this Near Stabilization transaction, over half of The Parallel’s units ended up helping increase affordable housing in the Denver area. Fannie Mae is committed to using our innovation, industry leadership, and strong collaborative partnerships with DUS lenders to find innovative ways to help borrowers build America’s affordable housing supply in every market.
